Curve Finance Suffers Security Breach Resulting in $24 Million Loss!

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Curve Finance Suffers Security Breach Resulting in $24 Million Loss; Worldcoin Releases Comprehensive Audit Reports; Margot Robbie’s Bitcoin Remark Sparks Crypto Community Reactions

On July 30, 2023, Curve Finance faced a devastating attack on its pools, orchestrated by hackers. During the breach, a total of 32 million CRV tokens were drained from the CRV/ETH pool, causing a substantial loss of $24 million.

Following the incident, Curve Finance issued a statement on Twitter, revealing that the attack was a result of a malfunctioning reentrancy lock in several stablepools (alETH/msETH/pETH) that utilized Vyper 0.2.15. The protocol assured the community that it was actively assessing the situation and would provide updates as developments unfolded.

One concerning aspect is the potential spread of this vulnerability to all WETH pools. However, Curve Finance clarified that other pools remained safe and unaffected by the CRV error.

While the attack impacted various DeFi protocols, the root cause was traced back to an exploit in a code directory within the Vyper compiler. Notably, Alchemix reported a loss of 5,000 ETH as a consequence of the hack.

In an effort to mitigate further damage, Curve Finance confirmed that the resource loss from the attack would be limited to the pools only, as the Vyper-related errors were isolated to the pool side.

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As of now, the stolen CRV tokens remain in the hacker’s wallet. It appears that the hacker has traded a portion of these tokens for WETH but has yet to liquidate the rest. The hacker currently possesses assets valued at nearly $19 million.

Curve Finance Suffers Security Breach Resulting in $24 Million Loss; Worldcoin Releases Comprehensive Audit Reports; Margot Robbie's Bitcoin Remark Sparks Crypto Community Reactions

Curve Finance is taking swift action to address the situation and is working to strengthen its security measures to prevent similar incidents in the future. The crypto community remains vigilant, closely monitoring the situation and awaiting further updates from Curve Finance regarding the ongoing investigation and recovery efforts.

Worldcoin Releases Comprehensive Audit Reports

Worldcoin, a Proof of humanity protocol, has recently published its audit reports on July 28th, aiming to address concerns surrounding data collection. The audits were conducted by reputable security consulting firms, Nethermind and Least Authority.

As per Worldcoin’s announcement, Nethermind identified 26 security issues within the protocol. Subsequently, 24 of these issues have been successfully fixed. While one remains partially mitigated, the resolution of the other is still in progress.

In parallel, Least Authority’s audit uncovered three issues and made six recommendations. Worldcoin has already addressed some of these issues, while others are currently being addressed with planned solutions in the pipeline.

Worldcoin initially garnered attention in 2021 when it revealed its intention to distribute tokens to individuals who utilized the Orb device. Spearheaded by Sam Altman, co-founder of OpenAI, and a team of experts, the project officially launched on July 25th, following almost two years of development and beta testing.

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However, the project’s debut was met with substantial criticism. The UK regulator, ICO, initiated an investigation into potential data breaches associated with the project, while the French data protection agency CNIL questioned the legality of Worldcoin’s operations.

Nethermind’s Worldcoin audit report. Source: Github

The crypto community’s response has been mixed, with some expressing concerns about a dystopian future, while others see potential in Worldcoin as a solution to counter malicious AI bots.

The audit reports encompass a wide range of security aspects, including resilience against DDoS attacks, specific application failures, robust key storage, encryption and key signing management, data leakage prevention, and information integrity, among others. Worldcoin is actively addressing the identified issues and recommendations to enhance the security and trustworthiness of its protocol.

Margot Robbie’s Bitcoin Remark Sparks Crypto Community Reactions

The crypto community was excited when Australian actress Margot Robbie commented on Bitcoin, describing it as giving off a “Ken vibe.” In an interview on June 22, Robbie mentioned that whenever her husband Tom Ackerley and television producer David Heymen discussed Bitcoin on set, it reminded her of Ken from Barbie, portrayed by Ryan Gosling.

The Bitcoin community, including prominent figures like Michael Saylor and social media phenomenon Layah Heilpern, responded to Robbie’s statement. Saylor humorously coined the term “Big Ken Energy” to describe Bitcoin, while others in the crypto industry also chimed in with their comments.

Crypto personality Lea Thompson, also known as Girl Gone Crypto, expressed optimism about Robbie’s remarks regarding Bitcoin. On the other hand, Layah Heilpern interpreted Robbie’s comment differently, perceiving it as an insult to men who discuss Bitcoin. Heilpern suggested that Robbie might have implied that male Bitcoin enthusiasts are “weak and pathetic.”

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In response to these discussions, a US psychologist weighed in, noting that having “Ken energy” could signify someone who is selfless and adaptable to various situations. Psychologist Mark Traverse highlighted that Ken’s character challenges traditional gender stereotypes, as he plays a supporting role to Barbie and embraces it happily.

Robbie herself admitted that “Ken energy” is challenging to define, but it’s something one can feel. Despite differing interpretations, Steven Lubka, the incoming director of Swan Bitcoin, viewed Robbie’s comment as a positive contribution to the crypto community, as it generated discussions and added to the overall enthusiasm surrounding Bitcoin.

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